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Unicoin announces collaboration with crypto tax partner Binocs
January 03, 2023
On Monday, India’s leading cryptocurrency exchange, Unicoin, announced the partnership with Binocs, a company that handles cryptocurrency taxes as a tax partner.
According to the press release sent by Unicoin, the collaboration will allow Unocoin users and all Indian cryptocurrency enthusiasts to easily calculate their crypto taxes by integrating their accounts with Binocs.
It will also help in achieving accurate, efficient and compliant results on cryptocurrency transactions.
According to the Ministry of Finance, all cryptocurrencies, including NFTs, are considered virtual digital assets and are subject to income tax. There is a need for software that can speed up crypto taxation processes now that the government has announced crypto taxes.
The press release states that the partnership simplifies accounting for cryptocurrency holders in multiple states and expands the portfolio of ecosystem services.
The collaboration of the two platforms will make it easier for owners of digital assets to obtain their tax returns at the click of a button. These reports can be installed, shared with a tax expert, or imported directly into well-known tax reporting software, according to the press release.
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Since the announcement of a 30% flat tax on income from cryptocurrencies and other virtual digital assets, this is probably one of the most pressing questions for Indian cryptocurrency investors. In an effort to efficiently calculate accurate taxes, our partnership should be of great help to them.”
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